In 2016, Toys R Us made up 11 percent of Mattel's sales and 9 percent of Hasbro's, according to Jefferies analyst Stephanie Wissink.

Now, though, with some clarity on Toys R Us' future plans, vendors are left to make their own decisions over redirecting business toward other retailers such as Amazon, Target or Wal-Mart.

Plus, the funding Toys R Us is hoping to arrange through the bankruptcy process will reassure the chain's vendors that they will get paid.

Toys R Us already has a commitment from some lenders, including a JPMorgan-led syndicate for more than $3 billion in debtor-in-possession financing. The details of that funding will be subject to court approval, but Toys R Us said it immediately could give its operations a boost.

Toy demand isn't expected to be lost during the holiday season, but it could be picked up by other channels, analysts said.

"The [Toys R Us] bankruptcy is likely to create some dislocation among the vendor roster," Wissink wrote in a Tuesday note to clients.

But companies such as Hasbro and Jakks Pacific are "strongly positioned" to maintain their financials and pursue other opportunities, Wissink said. "The strong will survive."

Wall Street is comparing Toys R Us' latest moves too closely — and dangerously so — to past bankruptcies in the sporting goods and consumer electronics categories, she went on. But in the case of toys, parents are still purchasing gifts for their kids, only through different outlets and more online.

"We do not expect the bankruptcy event to trigger a domino effect in toy retail, implying massive discounting systemwide that pressures vendor margins on a sustained basis," Wissink added.

On Tuesday morning, Toys R Us took to its Twitter account to redirect users to a page of its website, where it explains the retailer "is committed to working with our vendors to help ensure that inventory levels are maintained and products continue to be delivered in a timely fashion."

Thus far in 2017, both Mattel's and Jakks' stock are each down about 45 percent, while Hasbro shares have climbed a little more than 22 percent.